Arguably Jinx, Varus, Twitch, Kog'Maw, Sivir and Graves can honestly do just as well if not better. I would say Jinx, Twitch and Sivir could out damage her if things go right(such as no minions/pets taking Sivir's W hits). All while those 3 can build one type of penetration for all of their damage.
Lets say MF has her 3 main damage items. BT, IE and LW. Level 18. We'll say 330AD. Adding a little extra for masteries and runes.
Her ult will do 1000 physcial and 712.8 magic damage if it hits someone with every wave when they didn't have any stack on them before hand.
Jinx, who builds the same items, will do 390+35% missing HP. We'll say an average of 2500HP on the team with them all at 75% HP. Her ult now does 608.75 physical damage. For the duration of MF's ulti. Jinx can easily get in 2-3 AA's with her rocket. We'll just go with 2. 726 damage. We'll say she has a Shiv as well. Putting her at 40% Crit with 250% crit damage. We'll say one AA crits, one does not. 1270.5 from her AA. This is not factoring in Shiv's proc.
In the time frame in which MF would use her ult to do 1712.8 mixed damage. One of which she is unable to itemization penetration for. Jinx does 1879.25 physical damage. And this was me honestly going easy on the %missing Hp damage. It is far more likely the squishies will be 50% after the first AA. While Jinx's assumes at least one crit, MF cannot even benefit from her crit stat for this.
I'll admit with proper positioning MF does have the advantage in area of effect. But given the rest of Jinx's tools in comparison when looking at both kits as a whole. MF is even lacking when it comes to using her ult in a wombo combo.
1v1 MF would probably win. But at the same time Jinx could zone her with her E and pick her off with long range rockets. If she ult's that's asking to eat a W->Aa->ulti. While Jinx can do her combo while attack-moving.
I'm not saying MF is all that weak. She puts out some top notch damage when allowed to. But the risk vs reward is not there. And her kit really doesn't mesh that well. Her ult screams Wombo Combo. The rest of her kit is single target focused with a situational extra hit on her Q. You could say her E is AoE but as she doesn't build for it, thus it isn't very strong. And it's mostly used for the CC anyway.
Jinx and Sivir on the other hand are able to continue to AoE while providing strong single target damage. If you wish to know. Sivir will do 1058.112 damage per target if Q and W each hit an enemy champion(2x for Q). Although quite a bit less than the other two. Her ult makes engaging the wombo combo much easier. Which is why she was so strong in S3 for a while.
Twich I don't feel like going over because he builds differently.